PVA estimates that the net proceeds from the offering of depositary shares, after deducting the initial purchasers' discount and estimated offering expenses, will be approximately
The Series B Convertible Preferred Stock has a liquidation preference of
The depositary shares, the Series B Convertible Preferred Stock and any shares of PVA common stock issued upon conversion of the Series B Convertible Preferred Stock or as a dividend on the Series B Convertible Preferred Stock will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state and may not be offered or sold in
The Series B Convertible Preferred Stock will be offered only to qualified institutional buyers under Rule 144A under the Securities Act.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offers of the depositary shares, the Series B Convertible Preferred Stock and any shares of PVA common stock issued upon conversion of the Series B Convertible Preferred Stock or as a dividend on the Series B Convertible Preferred Stock will be made only by means of a private offering memorandum.
Certain statements contained herein that are not descriptions of historical facts are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: the volatility of commodity prices for oil, NGLs and natural gas; PVA's ability to develop, explore for, acquire and replace oil and gas reserves and sustain production; PVA's ability to generate profits or achieve targeted reserves in its development and exploratory drilling and well operations; any impairments, write-downs or write-offs of PVA's reserves or assets; the projected demand for and supply of oil, NGLs and natural gas; reductions in the borrowing base under PVA's revolving credit facility; PVA's ability to contract for drilling rigs, supplies and services at reasonable costs; PVA's ability to obtain adequate pipeline transportation capacity for its oil and gas production at reasonable cost and to sell the production at, or at reasonable discounts to, market prices; the uncertainties inherent in projecting future rates of production for PVA's wells and the extent to which actual production differs from estimated proved oil and gas reserves; drilling and operating risks; PVA's ability to compete effectively against oil and gas companies; PVA's ability to successfully monetize select assets and repay its debt; leasehold terms expiring before production can be established; environmental obligations, costs and liabilities that are not covered by an effective indemnity or insurance; the timing of receipt of necessary regulatory permits; the effect of commodity and financial derivative arrangements; PVA's ability to maintain adequate financial liquidity and to access adequate levels of capital on reasonable terms; the occurrence of unusual weather or operating conditions, including force majeure events; PVA's ability to retain or attract senior management and key technical employees; counterparty risk related to their ability to meet their future obligations; compliance with and changes in governmental regulations or enforcement practices, especially with respect to environmental, health and safety matters; uncertainties relating to general domestic and international economic and political conditions; and other risks set forth in PVA's filings with the
Additional information concerning these and other factors can be found in PVA's press releases and public periodic filings with the SEC. Many of the factors that will determine PVA's future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. PVA undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events, changed circumstances or otherwise.
James W. DeanVice President, Corporate Development Ph: (610) 687-7531 Fax: (610) 687-3688 E-Mail: firstname.lastname@example.org